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Set to start in his new role in Aug. 1, the appointment is part of the ongoing transition to hand the torch to McAdam who is in line to take over the company when Seidenberg retires later this year.

As President and now CEO of Verizon Communications, McAdam will oversee all of Verizon's wireless and wireline operations and functions.

Among McAdam's many challenges will be staying innovative on the wireless side as a potential new superpower looms in the combined AT&T (NYSE: T)/T-Mobile, as well as finding ways to offset ongoing losses in Verizon's traditional PSTN-based phone business with Fiber to the Premise-based FiOS and cloud services.

To advance the wireline side of Verizon, McAdam is going to adopt the same "entrepreneurial culture" he helped establish as president of Verizon Wireless.

"We will definitely try to bring that entrepreneurial culture from the wireless side into the wireline side," McAdam told Bloomberg.

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